Jeremy Hunt says lower taxed economies of North America and Asia generally grow faster than the higher taxed economies of Europe
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Chancellor Jeremy Hunt used a speech on Friday morning to pledge that ‘taxes will go down under a Conservative government.’
Speaking to a small audience in Central London, he used the opportunity to criticise a speech by his counterpart Shadow Chancellor Rachel Reeves in March.
Hunt criticised Reeves because she “not once mentioned reducing the tax burden.”
Voters say the economy is the number one issue facing the country, according to YouGov. It has been for more than two years, placing it above other topics such as health and immigration.
Publications by the Treasury expected later today will show that the costings of Labour’s six pledges outlined yesterday will mean taxes will have to rise by £10 billion or result in the breaking of “fiscal rules,” says Mr Hunt.
Labour’s pledge commitments amount to at least £56 billion over four years according to the same publications.
A sign of things to come?
At his Spring Budget earlier this year, Mr Hunt announced four pence off Employees National Insurance, which the Conservatives say saves the average person in work £900 this year.
In the speech, the Chancellor also said that National Insurance will be cut until it is gone.
The Office for Budget Responsibility, an independent body in charge of marking the Treasury’s homework, said this will fill nearly a quarter of current vacancies in the economy.
However, analysis from the House of Commons Library commissioned by Labour reveals that replacing the lost National Insurance revenue with an increase in the basic and higher rate of income tax would mean income tax rates going up by 8p in the pound.
Opposition Response
On Thursday, Sir Keir Starmer outlined Labour’s six pledges of what it will do if it were to win the next general election, which is still unannounced but expected later this year. The first pledge was to ‘deliver economic stability’.
Working people are worse off after 14 years of economic failure…Jeremy Hunt is desperately trying to distract from reality with his reckless £46 billion unfunded tax plan to abolish national insurance.
The Labour response to the Chancellor’s speech this morning
Darren Jones MP, Labour’s Chief Secretary to the Treasury, said:
“Yesterday, Keir Starmer unveiled Labour’s first steps for change. Every one of them is fully costed and fully funded… If Labour had put a similar proposal on the table, people would rightly be demanding to know where the money was going to come from.
However, for two months, Rishi Sunak and Jeremy Hunt have refused to say how their plan will be paid for or to be honest with the British people that it will mean higher borrowing, higher taxes on pensioners or the end of the state pension as we know it.”
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HeadlineChancellor pledges tax cuts if Conservatives win next election
Short HeadlineChancellor: 'taxes will go down if we win election'
StandfirstJeremy Hunt said in his speech on Friday morning that Labour has 'no plans' for their spending pledges
Chancellor Jeremy Hunt used a speech on Friday morning to pledge that ‘taxes will go down under a Conservative government.’
Speaking to a small audience in Central London, he used the opportunity to criticise a speech by his counterpart Shadow Chancellor Rachel Reeves in March.
Hunt criticised Reeves because she “not once mentioned reducing the tax burden.”
Voters say the economy is the number one issue facing the country, according to YouGov. It has been for more than two years, placing it above other topics such as health and immigration.
Publications by the Treasury expected later today will show that the costings of Labour’s six pledges outlined yesterday will mean taxes will have to rise by £10 billion or result in the breaking of “fiscal rules,” says Mr Hunt.
Labour’s pledge commitments amount to at least £56 billion over four years according to the same publications.
A sign of things to come?
At his Spring Budget earlier this year, Mr Hunt announced four pence off Employees National Insurance, which the Conservatives say saves the average person in work £900 this year.
In the speech, the Chancellor also said that National Insurance will be cut until it is gone.
The Office for Budget Responsibility, an independent body in charge of marking the Treasury’s homework, said this will fill nearly a quarter of current vacancies in the economy.
However, analysis from the House of Commons Library commissioned by Labour reveals that replacing the lost National Insurance revenue with an increase in the basic and higher rate of income tax would mean income tax rates going up by 8p in the pound.
Opposition Response
On Thursday, Sir Keir Starmer outlined Labour’s six pledges of what it will do if it were to win the next general election, which is still unannounced but expected later this year. The first pledge was to ‘deliver economic stability’.
Working people are worse off after 14 years of economic failure…Jeremy Hunt is desperately trying to distract from reality with his reckless £46 billion unfunded tax plan to abolish national insurance.
The Labour response to the Chancellor’s speech this morning
Darren Jones MP, Labour’s Chief Secretary to the Treasury, said:
“Yesterday, Keir Starmer unveiled Labour’s first steps for change. Every one of them is fully costed and fully funded… If Labour had put a similar proposal on the table, people would rightly be demanding to know where the money was going to come from.
However, for two months, Rishi Sunak and Jeremy Hunt have refused to say how their plan will be paid for or to be honest with the British people that it will mean higher borrowing, higher taxes on pensioners or the end of the state pension as we know it.”
